Declaration Partners LP

Item 5: Fees and Compensation
Declaration (directly or indirectly) provides investment advisory services to each of the Funds
pursuant to an investment advisory agreement (the “Advisory Agreements”). The Advisory
Agreements, along with the applicable Fund’s Governing Documents, set forth in detail the fee
structure applicable to each such Fund. The terms of the Advisory Agreements are generally
established at or around the time of the formation of the applicable Fund, subject to amendment in
accordance with the terms of the applicable Governing Documents. All investors and prospective
investors in the Funds should review the Governing Documents of each Fund in which they have
invested or intend to invest in conjunction with this Brochure for complete information on the fees
and compensation payable with respect to a particular Fund.

Management Fee

Declaration generally expects to receive a management fee (the “Management Fee”) from each Fund
as set forth in each Fund’s Advisory Agreement and Governing Documents. The Management Fee
will typically be based on a percentage of committed capital, actively invested capital or cost basis
of investments, and be charged quarterly in advance (and pro-rated for any period that is less than a
full three-month period). The General Partner of the Fund may, in its discretion, call capital for
Management Fees or pay them out of current income and disposition proceeds of the Funds.

Declaration also expects to receive budget-based administration and management fees in respect of
the Family Office Investments, which will generally be charged on a monthly basis.

Declaration may receive other fees from Funds as set forth in each Fund’s Advisory Agreement and
Governing Documents.

Declaration’s services may be terminated by any of the Funds as set out in the respective Governing
Documents. Upon termination, generally, any prepaid, unearned Management Fees will be refunded
or otherwise not payable, and any earned, unpaid Management Fees will be due and payable.

Generally, any eligible Declaration member, partner, officer, advisor or employee (or their
respective family trusts or other estate planning vehicles) and other related persons (such as “friends
and family”) and advisory board members, operating partners and similar persons in respect of a
Fund who invest their own capital in the applicable Fund will not bear or pay any Management
Fees.

In most cases, Declaration has the discretion to waive, defer or reduce Management Fees with respect
to a particular Fund or a particular investor within a Fund as provided in the applicable Governing
Documents or Side Letters.

Carried Interest Allocations

A portion of each Fund’s net investment profit is expected to be allocated to the General Partner or
its affiliates as “Carried Interest.” For certain Funds, the General Partner may be allocated a
“synthetic” Carried Interest upon the occurrence of certain events that is calculated based on the
hypothetical liquidation value of a Fund’s portfolio in the absence of any realizations of such
portfolio. For certain Funds, the Carried Interest distributed to the General Partner is subject to a
potential giveback at the end of the life of the Fund if it has received excess cumulative distributions
as provided in the applicable Funds’ Governing Documents. The manner of calculation of such
Carried Interest is disclosed in the Governing Documents and may vary by Fund.

Generally, any eligible Declaration partner, member, employee, officer, or advisor (or their
respective family trusts or other estate planning vehicles) and advisory board members, operating
partners and similar persons in respect of a Fund who invest their own capital in the applicable Fund
will not bear or pay any Carried Interest.

In most cases, the General Partner has the discretion to waive or reduce Carried Interest distributions
with respect to a particular Fund or a particular investor within a Fund.

Portfolio Company Fees

As more fully described in the Governing Documents, Declaration and/or its affiliates may receive
(i) transaction, management, consulting, monitoring, advisory, directors, trustees or similar fees or
payments, (ii) topping, commitment, break-up or similar fees and (iii) closing, restructuring, sale,
disposition and transaction fees and similar fees or payments, in each case, whether in the form of
cash, options, warrants, stock or otherwise and in connection with the purchase, monitoring, or

disposition of investments, and Declaration and/or its affiliates may be entitled to receive “break
up” or similar fees in connection with unconsummated transactions (“Portfolio Company Fees”).
The types of fees that constitute Portfolio Company Fees vary among the Funds and from investment
to investment. Portfolio Company Fees may be accelerated and payable upon partial or complete
disposition, exit or initial public offering of an asset. For particular Funds, a portion of certain Portfolio
Company Fees will be applied to reduce all or a portion of the Management Fees payable by a Fund,
in accordance with the applicable Governing Documents. Depending on the timing of the payment
of Portfolio Company Fees to Declaration and the terms of the applicable Governing Documents,
Limited Partners in a Fund may not receive the benefit of a reduction of the Management Fees to the
extent such Fund is no longer charging Management Fees at the time such Portfolio Company Fees
are received or to the extent that the aggregate amount of Portfolio Company Fees exceeds the
aggregate amounts of Management Fees charged to such Fund.

In addition, certain Funds (and/or a portfolio asset of such Fund) may retain an affiliate of
Declaration, and/or one or more Funds, joint venture partners or third parties to provide other
necessary services relating to an investment, including any management, construction management
or oversight, leasing, development, purchasing, design, group purchasing, site management,
...

Item 7: Types of Clients
The Adviser provides investment advice to the Funds and not to the individual Limited Partners.
Interests in each Fund are exempt from registration under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), and each Fund relies on an exclusion from registration as an
investment company pursuant to Sections 3(c)(1) or 3(c)(7) under the U.S. Investment Company
Act of 1940, as amended (the “Investment Company Act”). Accordingly, interests in each Fund are
offered and sold exclusively to persons who are “accredited investors” (as defined in Regulation D
under the Securities Act), “qualified purchasers” or “knowledgeable employees” (each, as defined
in the Investment Company Act), or a “non-U.S. person” (as defined under Rule 902 under the
Securities Act), or to persons who are otherwise permitted to invest under applicable securities laws.

Declaration Capital LLC or one of its affiliates (collectively, the “Family Office”) is the seed
investor in certain of the Funds, including certain Funds created by the Family Office, over which
the Family Office has delegated investment management authority to Declaration (such Funds, the
“Family Office Investments”).

The investors participating in the Funds currently include U.S. and non-U.S. high net-worth
individuals, their family offices and related entities, pension funds, and alternative asset managers
and their managed investment products, and expects to in the future include other types of
sophisticated investors, including institutional investors.

To the extent that the Funds have minimum investment amounts, such amounts are set forth in the
relevant Governing Documents. Fund interests generally are offered and sold solely to accredited
investors and/or qualified purchasers.